Background
In June, the airdrop events by LayerZero and Zksyns reached a climax of controversy and chaos. Initially, LayerZero’s prolonged witch-hunt battle exposed various unsightly aspects, revealing the true faces of many involved, all for the elusive gains of an invisible airdrop. Ultimately, despite numerous reported accounts, the actual airdrop for ZRO was minimal, benefiting no one involved. Curiously, the project allocated a 10,000 ZRO airdrop to an unknown NFT. Subsequently, Zksync’s airdrop saw a significant number of associated addresses swiping away a large quantity of tokens, arousing public scrutiny as millions worth of tokens were taken.
The “Hair Plucking Studio” faced a backlash, causing retail participants to lose confidence, signaling the impending demise of this sector within the cryptocurrency industry.
Indeed, “hair plucking” itself inhabits a grey area, proving detrimental without benefits to the crypto market. Airdrops were originally meant to reward genuine users, but “hair pluckers” merely interact for airdrop incentives, fabricating false data and bubbles on protocols and chains, thereby misleading investors and entrepreneurs, hindering industry development over time.
Web3 projects rewarding genuine users will likely become the norm, with deeper users receiving more airdrops based on a broader range of criteria beyond blockchain data alone.
The future direction of airdrops remains uncertain, yet Jupiter stands out as the current most promising opportunity.
$60 Million Airdrop to Launch This Week
On July 2nd, Jupiter’s official X announced the forthcoming ASR airdrop scheduled for this week. Voting on any JUP DAO proposal from March to June will entitle participants to passive staking rewards corresponding to their JUP staked and voting activities, totaling $60 million in value. This includes: 50 million $JUP, 7.5 billion $WEN, 7.5 million $ZEUS, 7.5 million $UPT, and 750,000 $SHARK. JUP will automatically stake, while others can be claimed post-launch on the airdrop site. Some users estimate an airdrop of 0.23U per staked JUP, though these figures are speculative. An additional 2.5 billion JUP will be available for future airdrops, emphasizing the importance of keeping an eye on Jupiter.
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Introduction to Jupiter
Jupiter serves as a trading aggregator on Solana, operating since the last bull market and ranking high in trading volume across the crypto market, occasionally surpassing Uniswap during Solana’s hot streaks. Jupiter expanded to include derivatives trading on the Solana chain, maintaining top status in the derivatives market.
JUP token total supply is 10 billion, with 40% allocated for airdrops. The first round already distributed 10%, with the remaining 30% scheduled for three subsequent rounds. Recently, the team announced burning 30% of the team’s token allocation, reducing total supply to 7 billion.
Jupiter’s initial airdrop was arguably the largest in the crypto world this year. It did not scrutinize, offering airdrops to all interacted users, from a minimum of 200 to several thousand. Moreover, there were no pickup artist tactics, implications, or pressures on users before the official JUP airdrop. A preceding WEN airdrop resulted in substantial profits, reaching over $300 per account at its peak.
In addition to the imminent 50 million JUP airdrop, another 2.5 billion JUP is planned for future distribution. How should one position oneself for upcoming opportunities with Jupiter?
1. Contribute
Contributors from the previous Jupiter community received separate rewards. Before the second round of airdrops, individuals can participate in project development according to their capabilities, such as:
– Actively engaging in official DCs to secure contributor status.
– Crafting original articles about Jupiter for media release, if possessing creative capabilities.
– Other quantifiable or provable contribution behaviors are highly recommended.
2. Participate in AMAs
Jupiter frequently hosts AMAs known as JUP Call. During these sessions, participants can submit wallet addresses via QR code to receive Jupiter NFTs. Such NFTs serve as proof of deep project involvement and might carry weight in future airdrops.
3. Purchase and Stake JUP
With JUP’s price retreating from its peak of $1.8 to $0.7, acquiring and staking JUP for governance voting can be beneficial.
Staking and voting link: https://vote.jup.ag/
Staking and voting also offer JUP airdrops and project rewards, providing additional income opportunities. Note that unstaking involves a 30-day cooldown period.
4. Engage in Spot Trading with Jupiter
Jupiter integrates major DEXs on the Solana chain, including Raydium, Orca, Lifinity, and Meteora, facilitating trading for most on-chain tokens. Jupiter also offers features like limit orders and dollar-cost averaging, providing diverse trading experiences.
5. Participate in Derivatives Trading and Liquidity Provision
Jupiter’s derivatives trading follows the GMX model, where users provide liquidity to earn from trading counterparty fees. Currently, TVL ranks Jupiter as Solana’s top derivatives platform, reaching $404 million, with JLP profits hitting 78%.
Exploring derivatives trading or providing liquidity on Jupiter can also be profitable.
Future airdrops will likely consider multidimensional data, with blockchain data being just one aspect. Deep involvement in projects, contributions to their development, and long-term support will likely define future airdrop criteria.
Jupiter stands as the most promising spot and derivatives trading platform currently, with massive upcoming airdrops. Deep involvement or selecting suitable participation methods could secure future airdrop benefits.
